Clean It Up
UK General Cleaning Forum => Frequently Asked Questions & Useful Resources => Topic started by: Neil Harvey on July 02, 2013, 09:33:41 pm
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I have not long started my own oven cleaning business and was working on the basis of being a sole trader. However one accountant I spoke to has suggested coming a ltd company to save on tax. It seems to me like a lot of paperwork for not much more gain. Plus as a sole trader I could do the tax returns myself. Any thoughts out there from people who are just one man bands like me?
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I think it is all down to income and turn over I self cert so I don't have an accountant.
Dean
www.wecareweclean.co.uk
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I have not long started my own oven cleaning business and was working on the basis of being a sole trader. However one accountant I spoke to has suggested coming a ltd company to save on tax. It seems to me like a lot of paperwork for not much more gain. Plus as a sole trader I could do the tax returns myself. Any thoughts out there from people who are just one man bands like me?
Unless your going be turnover high amounts then you can do it yourself. I use a bookeeper do check them once every return is due however your accountant you went to see will be trying to create work for himself.
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It really depends on your level of income. Many times it is not worth the switch over because you usually do have to hire a tax accountant to handle the new complexity and then all of your savings is just going to them. I once upgraded to an S Corp and it was so expensive to do the taxes (and complicated) that I had to dissolve it.